The Top Regular Savers Discussion Thread

castle96

Same time line as u. Opened/funded... no probs

Bob2000

schiff said:

I'm in two minds about the Yorkshire account as I've had too many issues with them in the last year. Even though I've been a member for over 3 years, had multiple active accounts over all that time, they insist on putting me through verification hoops every time I apply for a new account - logged while doing so. They insist that they have to do it - regulations require it. I've been in the same house for years and all my information I provide is accurate. The last time I applied for a new account I satisfied all the Mitek tests but YBS required me to do it again! I don't remember how that ended but I abandoned my application for that particular account. Obviously I've moaned to CS about it and eventually sent a letter to the CEO. Pretty much the same outcome. I have no trouble at all opening accounts with other providers.
So this time I decided to see how it went - Mitek took me an hour but all the green ticks are in place. YBS have given it an account number but they need to do more checks.
Rant over - temporarily!

I've only been with them since late last year when l opened  their  £50 per month regular savers  NLA.
I've never had any issues  with applying online and only today set up the Christmas  RS.

It seems strange how peoples experiences  are so different  with building societies.
Now, l can't get anywhere  with Saffron building society. And have given up on them.

jameseonline

schiff said:

I'm in two minds about the Yorkshire account as I've had too many issues with them in the last year. Even though I've been a member for over 3 years, had multiple active accounts over all that time, they insist on putting me through verification hoops every time I apply for a new account - logged while doing so. They insist that they have to do it - regulations require it. I've been in the same house for years and all my information I provide is accurate. The last time I applied for a new account I satisfied all the Mitek tests but YBS required me to do it again! I don't remember how that ended but I abandoned my application for that particular account. Obviously I've moaned to CS about it and eventually sent a letter to the CEO. Pretty much the same outcome. I have no trouble at all opening accounts with other providers.
So this time I decided to see how it went - Mitek took me an hour but all the green ticks are in place. YBS have given it an account number but they need to do more checks.
Rant over - temporarily!

YBS always seemed to take the biscuit when applying for new accounts, however it got worse when Mitek got involved.

Before Mitek I could apply for an account and it would be opened straight away, then it used to take a day or so while YBS carried further checks and my account would show in app & get fully opened, now it's probably never going to happen as I don't have ID.

Been with YBS for years too.

To be honest it's their loss, they don't have any decent accounts at the mo anyways & most of the money I had with them has been moved out.

I don't believe YBS need to keep verifying customers, other building societies etc don't and if they do it's clearly not on same scale as YBS, so what makes YBS so different?, YBS?/Mitek?/both?/other things?, it's one of those things I've still yet to get to the bottom of.

poolboy

I m in ybs Xmas, 5% is borderline but I have a few maturing soon and I like to keep my portfolio going.  Thanks for heads up, opened and funded.

happybagger

One thing I've always found with YBS  after opening any account, do not attempt to deposit even though you have the account number, until they say you can (check online banking for that account to see if the account says you can deposit). You think it goes through as it left the current account then at the end of the following day it's returned into the current account (by which time, if you sent it again it is accepted)

schiff

I'm not bothered too much whether I'm accepted for the Christmas RS or not, I really applied just to see if my letter to the SEO had had the effect of 'clearing' me for the future - and I have the time. I've got two RSs - at 4.85% (matures July) and the other at 5.45% (unfortunately full - matures next month); plus a RainyDay and a couple of EAs. If the 5.45% replacement is an unattractive as the new Christmas saver, I've almost decided to close everything. 
In other respects they can work well. With the requisite money in the EA I deposit on the 1st of the month to the RSs even on non-banking days.

Kim_13

Bob2000 said:

schiff said:

I'm in two minds about the Yorkshire account as I've had too many issues with them in the last year. Even though I've been a member for over 3 years, had multiple active accounts over all that time, they insist on putting me through verification hoops every time I apply for a new account - logged while doing so. They insist that they have to do it - regulations require it. I've been in the same house for years and all my information I provide is accurate. The last time I applied for a new account I satisfied all the Mitek tests but YBS required me to do it again! I don't remember how that ended but I abandoned my application for that particular account. Obviously I've moaned to CS about it and eventually sent a letter to the CEO. Pretty much the same outcome. I have no trouble at all opening accounts with other providers.
So this time I decided to see how it went - Mitek took me an hour but all the green ticks are in place. YBS have given it an account number but they need to do more checks.
Rant over - temporarily!

I've only been with them since late last year when l opened  their  £50 per month regular savers  NLA.
I've never had any issues  with applying online and only today set up the Christmas  RS.

It seems strange how peoples experiences  are so different  with building societies.
Now, l can't get anywhere  with Saffron building society. And have given up on them.

I had no problems with YBS accounts until opening the Christmas 2024 RS and the £50 RS, both of which required further checks. They didn’t ask for any ID and advised by email when completed for the former, but in the latter case they sent it by snail mail. I had a form through just before Christmas requiring me to confirm whether or not I or a member of my family were PEPs, so it does feel like they have started to worry that their existing procedures did not go far enough. 

Another poster did wonder whether YBS only started to give problems when quite a few accounts were already open, so I trimmed mine down to the minimum required. We’ll see whether it makes a difference when they next launch an account worth applying for.

Bridlington1

Melton BS Regular Saver (Issue 6) at 6% has disappeared from moneyfacts suggesting it shall soon go NLA.

The account allows you to apply by post so for those wishing to apply if you're quick you may still be able to open the account if you send them a completed application form with everything backdated to 15/1/25.

simonsmithsays

happybagger said:

simonsmithsays said:

CricketLady said:

The Yorkshire Building Society 5% Christmas account is now live, I know this isn't everyone's cup of tea but for those that would like it, it is £150 per month until 31st October xx

Wind forward a month and it the base rate is cut and this (variable) product stays the same rate then it might receive a very different reaction on here.

I've opened it in any case

Maybe. Maybe not. It is variable too, of course.
Not much going for base rate cuts at the moment

Seems to be odds on?

Kim_13

simonsmithsays said:

happybagger said:

simonsmithsays said:

CricketLady said:

The Yorkshire Building Society 5% Christmas account is now live, I know this isn't everyone's cup of tea but for those that would like it, it is £150 per month until 31st October xx

Wind forward a month and it the base rate is cut and this (variable) product stays the same rate then it might receive a very different reaction on here.

I've opened it in any case

Maybe. Maybe not. It is variable too, of course.
Not much going for base rate cuts at the moment

Seems to be odds on?

They may cut it, but I don’t think it will be justifiable. When the rate falls, it’s usually by 0.25% which is 2.5x times the fall in inflation - and that in itself doesn’t tell the full story given that it is only discretionary items that are rising less quickly. For the least well off especially, inflation is actually rising. I personally think they should hold again and see if inflation takes off again in the next figures. Cutting it risks adding fuel to the fire, and the effect probably wouldn’t really be felt until April or later when other measures may negatively impact the economy. Until the time comes, we won’t actually know whether the markets and others are worrying unnecessarily.

The Melton account suddenly going makes me think maybe they think it’s on the way down - but then again there was some talk of it going not long after launch, so perhaps it’s just had a good run.